Market manipulation and trading windows: what changes in 2026 for listed companies and financial entities

Key data

If your company is listed on the stock exchange or if you manage a financial or investment entity, this regulation affects you directly. The Delegated Regulation (EU) 2026/788, published on 16 July 2026, amends Delegated Regulation (EU) 2016/522 —the reference regulation on market abuse— in three areas with immediate operational consequences for compliance, executive management and risk management.

This is not a minor technical adjustment: it affects how executives can trade shares of their own company, which trading venues are under European scrutiny, and what signals should trigger internal market manipulation alerts.

What does this regulation establish?

Regulation 2026/788 introduces changes in three distinct blocks of Delegated Regulation (EU) 2016/522:

The starting point is the Market Abuse Regulation (MAR) and its implementing regulations. Regulation 2016/522 established the technical framework; the new 2026/788 updates it to adapt to the current reality of European financial markets, including greater cross-border interconnection of trading venues.

Economic and operational impact

This regulation does not establish direct fees or amounts, but its economic impact is real and indirect: the cost of non-compliance —in the form of sanctions for market abuse— can be very high under the current MAR framework. The three changes generate concrete operational obligations:

• Review of trading window policies: Listed companies must update their internal regulations on when and under what conditions an executive or employee with inside information can trade company securities. The authorization conditions have changed.
• Update of surveillance systems: The new market manipulation indicators require financial entities to review and reprogram their systems for detecting suspicious transactions (STR/SAR). This involves technological and compliance costs.
• Coordination with supervisors in other countries: The expansion of the list of trading venues with cross-border dimension means that more transactions will fall under the radar of multiple national authorities simultaneously, increasing the risk of cross-border investigation.

Who does it affect?

• Companies listed on European regulated markets: Must review and update their internal trading policies for persons with access to inside information (executives, board members, key employees).
• Credit institutions and investment service providers: Required to update their systems for detecting and reporting suspicious transactions in accordance with the new market manipulation indicators.
• Institutional investors: Fund managers, pension funds and other institutional investors operating in European trading venues are subject to greater cross-border scrutiny.
• Executives and senior management with inside information: Any person who, by virtue of their position, has access to non-public information and trades securities of their company must be aware of the new authorization conditions for restricted periods.
• Trading platforms and venues: Those included in the updated list of venues with significant cross-border dimension are subject to coordinated supervision between authorities of different member states.

Practical example

Imagine you are the Chief Financial Officer (CFO) of a Spanish listed company on the continuous market. You are in possession of information about quarterly results —not yet published— and want to sell part of your shares to diversify your personal assets.

Under the previous framework (Regulation 2016/522), there were specific conditions for requesting authorization to trade during the restricted period prior to the publication of results. With the new Regulation 2026/788, those conditions have been updated: before executing any transaction, your company's compliance department must verify that the request meets the new requirements, and that the internal trading policy has been reviewed to reflect the changes.

If the internal policy has not been updated and a transaction is authorized that no longer meets the new criteria, both the executive and the company may be exposed to investigation for market abuse before the CNMV and, potentially, before authorities in other countries if the share is also listed on cross-border markets included in the updated list.

What should companies do now?

1. Review and update the internal trading policy: Listed companies must adapt their internal regulation on transactions by executives and employees with inside information to the new authorization conditions for restricted periods established in Regulation 2026/788.
2. Update suspicious transaction detection systems: Financial entities must incorporate the new market manipulation indicators into their surveillance tools and reporting procedures (STR). This may require technological changes and compliance team training.
3. Verify if the trading venues where they operate are on the updated list: If the entity operates in trading venues with significant cross-border dimension, it must prepare for coordinated supervision between several national authorities and strengthen its internal controls accordingly.
4. Train executives and employees with access to inside information: Internally communicate the changes in trading conditions during restricted periods, to avoid unauthorized transactions due to lack of awareness of the new regulation.
5. Consult with the legal department or external advisor: Given that the entry into force date has not been specified in the published regulation, it is a priority to monitor the publication of the effective date to plan adaptation with sufficient lead time.

Official source

Consult the complete regulation at official source

Disclaimer: This article is for informational purposes only and does not constitute legal advice. For specific decisions, consult a qualified professional. Source: https://eur-lex.europa.eu/./legal-content/AUTO/?uri=OJ:L_202600788